„ FRONT STORY RESULTS

Bumper DCM and ECM save the day

Q4 investment banking revenues almost match FICC

Strong final quarter caps good year for underwriting

Soaring revenue from investment banking

for the top US banks has come within a hair

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Philip Scipio

0EOPLE

-ARKETS



Barclays is

cutting 100

jobs in its investment

bank in another

attempt to cut costs

and improve returns



Mizuho’s

new CEO

Tatsufumi Sakai

may look to overseas

expansion as he tries

to revive the bank’s

fortunes



In a blow for

Credit Suisse,

its Greater China

CEO Mervyn Chow

is leaving for a job

outside banking

Source: Bank results

0

10

20

30

40

50

JPM Citi GS BAML MS US AVG

 FICC  Equities  Advisory/DCM/ECM

%

AS FICC SLUMPS, IBD HELPS FILL THE HOLE

PERCENT CHANGE IN Q4 REVENUES VS YEAR AGO

In the past decade, revenue

from FICC trading has usually
dwarfed income from advisory

and underwriting. But in Q4, the

gap was just 1%